CyVers Raises $8M Funding Led by Elron Ventures
Summary
This funding round also attracted investment from Crescendo Venture Partners, Differential Ventures, HDI, Cyber Club London, and Cyber Future.CyVers is a leading provider of proactive Web3 Security for the CeFi, DeFi, and smart contract applications via detection and interception of crypto attacks across blockchains.The cybersecurity firm which was founded earlier this year aims to bring proactive security to Web3 Economy, paving the way for mass adoption.CyVers uses a combination of domain expertise and geometric ML. This enables CyVers platform to capture transactions during the few moments between the time a transaction is broadcasted and when it is registered irreversibly to a blockchain ledger.Moving away from blacklists, code auditing, and fund tracing, CyVers identifies cyber-attacks and carries out corrective measures within milliseconds, the company told AlexaBlockchain.Once it detects the evolution of an exploit pattern, the AI system generates alerts while providing enough time to act and the best-known solution, before the exploitation and money laundering progresses, Meir added.CyVers founders are seasoned cybersecurity entrepreneurs. In 2020, Meir joined Deddy to revolutionize the analytics space and establish four global development centers.CyVers has already secured customers such as Bit2C, Solidus Capital, and CoinMama, among others, the company mentioned in a statement shared with AlexaBlockchain.The profiles of our customers require absolute security, and CyVers provides excellent alerts about malicious activity, Said Bit2C CEO, Eli Bejerano.Since the 2020 crypto rush, the market has been struggling with liquidity, volatility, and a lack of trader trust. According to blockchain data platform Chainalysis, cross-chain bridge hacks have accounted for 69% of the total crypto funds stolen, amounting to $3.5 billion in losses YTD.In 98% of the cases, crypto exchanges, DeFi protocols, and custodians are not alerted about the fraud until after it has been immutably registered.Elik Etzion, Managing Partner at Elron Ventures (the lead investor in the round), said:We screened many teams in the web3 cybersecurity space. We feel privileged to partner with Deddy and Meir, second-time entrepreneurs that blend expertise from blockchain security with graph neural networks, and DeFi trading.CyVers will dramatically reduce the number of attacks and bring a safer crypto economy, Elik added.